Two major master-planned communities are progressing in Denton County, Texas, signaling a significant investment in the region and increased demand for local infrastructure, schools, and public services.
Dallas-based Hillwood is moving forward with its Lantern project, which will cover 617 acres near Pilot Point along FM 1385. The Denton County commissioners recently approved a tax increment reinvestment zone (TIRZ) agreement for the development. “Hillwood executives acknowledged the project’s strain on county services, but argued the incentive is critical to feasibility, particularly before annexation into Pilot Point, which approved a development agreement last fall,” according to the Dallas Business Journal.
Lantern is planned to include more than 2,000 homes on lots ranging from 40 feet to 70 feet wide. Home prices are expected to be between $350,000 and $600,000. The community will also feature a 15-acre site for a Pilot Point ISD elementary school, 27 acres of mixed-use space, over 100 acres of open space with trails and parks, and amenity centers. Hillwood estimates that Lantern could have a value of $1.2 billion when completed.
The TIRZ agreement stipulates that half of the ad valorem taxes generated by the property will be reinvested over 25 years to help pay for roads, water systems, sewer lines, and drainage improvements.
Meanwhile, Old Prosper Partners has secured nearly 2,870 acres at Craver Ranch near Denton after closing on the land purchase on January 30. City officials estimate this project will require a $5.1 billion investment over a planned buildout period of about 17 years.
The Craver Ranch plan includes 7,091 homes, 584 townhomes, and 1,515 apartments. There will also be approximately 1.2 million square feet of commercial space and three schools built within the community. A key aspect of this development is its open space design: about 380 acres are set aside for parks—including a central park spanning roughly 358 acres—and more than 30 miles of trails and shared paths are planned throughout the site. Construction is scheduled to start in 2028 and continue into the mid-2040s.
The city of Denton has already annexed this land and approved necessary rezoning measures as well as established a municipal management district to finance infrastructure costs through future assessments and bond reimbursements.
These projects reflect ongoing trends in large-scale residential developments in North Texas as developers seek to accommodate population growth while addressing infrastructure challenges across expanding suburban areas.
